Richemont has restructured its fashion division: AZ Factory’s ex-boss is now in charge of Dunhill, and Mauro Grimaldi, now strategic advisor of the Swiss giant's fashion & accessories division, will head AZ Factory.
By 2025, 70% of luxury consumers will be aged below 40, forcing labels to revise their approach and values, broadening them to include more culture-based elements, according to the latest study by Bain & Co.
D’Arpizio, an analyst and luxury specialist at Bain & Co., explains to FashionNetwork.com how new generations of consumers are changing the rules of the luxury market’s game, forcing the industry to adapt.
The stock market is bullish, the economy is recovering, consumer confidence is growing: all indicators are positive, fuelling luxury purchases on a North American market that is highly dynamic and promising for labels.
A new report from fashion marketplace app Depop highlights the values behind Gen Z’s shopping behavior, revealing that members of this community are conscious consumers, eager to express their individuality.
This year has increased the importance of Chinese consumers to the luxury sector as the overall market has shrunk while China’s purchases have surged. And there's more to come in the next few years too.
Since the pandemic’s outbreak, luxury sales in China have boomed, accounting for up to 80% of the global market in 2020. A position that will stay dominant for years to come, according to Jefferies and Bain & Company.
Faced with consumers who are increasingly demanding in terms of brand values, luxury labels are undergoing a sea change, extending their vision beyond products. Gucci more than others, through its unique initiatives.
Gen Z and Millennial consumers will account for two thirds of the luxury market in 2025, forcing labels to adapt their strategies to their young clientèle’s “activist” vision, said the latest study by Bain & Co.